Narrative, the software company is launching a new product design that will simplify the process of buying and selling data. The company has raised a new round of funding of $8.5m Series A, to support the launch of a new category: Data Streaming, replacing the data broker model industry with a transformation solution.
Narrative unveiled the new Data Streams Marketplace which is the industry’s first-ever e-Commerce solution for buying data. It would make the process of buying and selling much simpler, not much different from Amazon.
The new Marketplace offers data acquisition via an interface the firm says will be ‘familiar to anyone who has shopped online’: The new offerings enable users to browse and purchase the data they need ‘in minutes’ without the need for extensive training, ‘legal wrangling and red tape’. The marketplace provided comprehensive solutions for data discovery, onboarding, enrichment, identity resolution, and privacy and compliance.
As reported by TechCrunch, Jordan showed how a marketer can search and browse for different types of data. If a marketer wants to buy (say, the mobile IDs of people who have the Uber Driver app installed on their phones, or the Zoom app) at a price they are willing to pay (via subscription), they can add data to the cart, enter card information for payment, accept the terms and conditions, and check out.
“The premise is make it as easy to buy data as it is to buy stuff online.”
This approach has become enticing in recent months as companies need more data quickly. For instance, Jordan shared with Tech Crunch that large companies invest millions of dollars in advertising and “need a way to find and buy the data almost programmatically and have the whole thing take five minutes instead of five months — those are the orders of magnitude we’re talking about here.”
Founder and CEO Nick Jordan comments,
“As sales and services companies, data brokers have become intermediaries who are doing what they want with data in ways you don’t know. With a data broker, you get what they send to you. That’s how they make money. This is sub-par; it’s not agile – and you can’t optimize it. We have shortened the data supply chain by going direct – cutting out the broker, and making data liquid and transparent.”
The new round was led by G20 Ventures, with additional funding from existing investors Glasswing Ventures, NathCapital, Revel Partners, Tuhave Venture Partners, and XSeed Capital. The funds will allow the company to hire in areas like product engineering, sales, and marketing from across North America. Their focus is on hiring and outreach.
Bob Hower, Co-Founder & Partner, G20 Ventures said,
“With data being the lifeblood of every organization, Nick and his seasoned team of data experts have presented the industry with a different point of view.”
“They have become the Amazon for data, delivering a vital solution to a global problem: ensuring transparency, control, and quality when it comes to data acquisition. Narrative’s Data Streaming Platform simplifies what has been a complex process that typically takes months and delivers it in seconds on demand.”
Narrative is a platform for Data Streaming, Data Acquisition, and Data Monetization. It is the world’s first leading data streaming platform. Leading companies use Narrative to fuel cutting-edge data strategies, monetize valuable data assets, and power innovation and growth. Narrative’s innovative approach to buying and selling data eliminates the inefficiencies in data transactions that cost money and exposure to undue risk. Narrative Data Stream marketplace gets the data needed instantly. It is fast and easy to find, buy, and activate first-party data from over 40 suppliers with just a few clicks. It’s online shopping—but for data instead of dog treats. The privately-held firm was founded in 2016 and is headquartered in New York City. Learn more at https://www.narrative.io/